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Language Page 511, after line 23, insert:"A. Out of this appropriation, $3,540,057 is provided through the Virginia College Building Authority to supplant the general fund appropriation provided in Chapter 924, 1997 Virginia Acts of Assembly. Supplemental funding in the amount of $4,500,000 is provided through the Virginia College Building Authority to address additional renovation costs associated with this project."
Explanation(This amendment replaces $2.25 million in institution-supported debt included as supplemental funding by the Governor in SB 700. As introduced, the Governor included $4.5 million in bond proceeds to supplement this project with half of the funds coming from the Virginia College Building Authority (VCBA) and the remainder being supported through institution-backed debt. This amendment replaces the $2.25 million in institution-supported debt with VCBA bonds. General fund support will be required to support the debt service for the additional VCBA bonds.)